Market Overview:
Pea protein is extracted from yellow peas through a process of fractionation. It is a high-quality plant-based protein that is highly digestible and contains all essential amino acids. Pea protein is gaining popularity as a meat alternative and plant-based protein due to the rising demand for vegan and vegetarian diets. It is used in foods such as meat substitutes, baked goods, nutritional supplements and others due to its neutral taste and high nutritional value.
Market key trends:
The rising demand for plant-based proteins from health-conscious consumers is a major trend driving the growth of the pea protein market. According to studies, nearly 58% of Americans are focusing more on consuming a plant-based diet. In addition, pea protein provides several health benefits such as weight management, muscle building, reduced risk of heart diseases and diabetes. It is easily digestible and hypoallergenic compared to other plant proteins like soy. Leading food brands are innovating with pea protein and launching new protein-rich food products to cater to this growing demand, thereby contributing to the market growth.
Porter's Analysis
Threat of new entrants: Low capital requirements and lack of proprietary technology mean threat of new entrants is relatively high. However, established players benefit from scale and brand recognition.
Bargaining power of buyers: Large buyers like food and beverage processors can negotiate lower prices due to their influence. However, the increasing demand helps offset this power.
Bargaining power of suppliers: Few suppliers of pea protein concentrate mean that suppliers have a significant influence over pricing. However, alternative plant-based proteins curb this power.
Threat of new substitutes: Protein alternatives like whey, soy and others pose competition. However, rising veganism drives growth for pea protein as a sustainable alternative.
Competitive rivalry: Intense competition exists between established players. Innovation in processing technology and new product formulations help brands differentiate.
SWOT Analysis
Strengths: High nutritional profile, sustainability benefits, increasing popularity of plant-based diets.
Weaknesses: Lesser versatility than whey protein, dependence on pea crop supply.
Opportunities: Expanding into new application areas like snacks, bars, alternative meat and drinks. Growing global health awareness favors plant proteins.
Threats: Supply chain disruptions, fluctuations in raw material costs and availability due to weather changes. Substitute proteins capture market share through branding.
Key Takeaways
The Global Pea Protein Market Demand is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing demand for plant-based, sustainable proteins. The market size is projected to grow from US$ 278.42 Mn in 2023 to over US$ 500 Mn by 2030.
Regionally, North America currently dominates the pea protein market due to rising health consciousness and vegan trends. Europe follows as a major region due to robust demand from European Union countries. However, Asia Pacific is expected to see the fastest growth during the forecast period, led by China, India, Indonesia and other developing nations experiencing increased Western influences.
Key players operating in the pea protein market are Burcon Nutrascience, Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc., Fenchem Biotek Ltd., Prinova Group LLC, and Yantai Shuangta Food Co. These players are focused on new product innovations, capacity expansions and strategic partnerships to strengthen their positions in the high-growth market.
Read More:
https://www.dailyprbulletin.com/pea-protein-market-demand-share-analysis/
